Avery Died Testate Early in 2014

question 48

Essay

Avery died testate early in 2014.The following transactions occurred relating to Avery's estate.
1.Avery's estate included bonds with a fair (market)value of $120,000.On the date of Avery's death,there was $2,000 of accrued but unpaid interest.Two months after Avery's death,a check arrived in the amount of $3,000,representing the normal semiannual interest payment.
2.Avery's will stated a specific transfer to the Bird Sanctuary in the amount of $10,000.Avery's estate should be adequate to cover all obligations and devises,and the amount is paid.
3.Funeral expenses amounted to $12,500.
4.A bank statement is received from the First National Bank indicating a cash balance of $8,600.This bank account was not known or included on the estate inventory.
5.Probate fees are paid to the court amounting to $900.
Required:
Prepare the journal entries for the listed transactions.Disregard the impact of estate and income taxes.

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